Photo: RNZ
Consumer and business credit demand increased in October, a positive sign for the economy, but monthly company liquidations hit their highest level since 2011.
Credit agency Centrix’s October monthly report showed consumer arrears continued falling to 459,000, about 12 percent of all borrowers, from 465,000 the monthly before, the lowest level in more than two years.
Chief operation officer Monika Lacey said recent Official Cash Rate (OCR) cuts were beginning to positively reshape the credit environment, a trend she expected would continue after last week’s OCR cut.
“New household lending rose 13.2 percent year-on-year and mortgage enquiries remain elevated, as refinancing continues to be popular among borrowers…